Credit Bureaus
A good credit score is the key to your financial life and can mean the difference between getting approved or denied for credit rates and can affect the interest rate. Equifax, Experian, and TransUnion are the three major publicly funded and for-profit credit bureaus or credit reporting agencies. Collecting and maintaining consumer’s credit information is their forte. Reselling a consumer’s credit information in report form is their business.
Fair Credit Reporting Act and Your Rights to Obtain Your Credit Report
The Fair Credit Reporting Act is legislation the government uses regarding how these credit bureaus operate. Banks, credit card issuers, and other businesses have relationships with the credit bureaus and gain information about a consumer’s credit history that appears on a credit report.
You, as a consumer have a right to order and obtain a free credit report once a year from the three major credit bureaus through annualcreditreport.com; Equifax, Experian, and Transunion. Equifax and Experian offer a single document with reporting from all three credit bureaus making it easier to review your credit reports and find errors if they exist. Any discrepancies or inaccurate information must be reported directly to the appropriate credit bureau.
What the 3 Major Credit Bureaus Do and Don’t
The three major credit bureaus pull public records; tax liens and bankruptcy and receive credit-related information from companies you do business with. When you apply for credit, the three major credit bureaus sell your credit information to businesses viewing your credit information. The companies must have a valid legal need in order to obtain your credit history and review your credit report.
Approved or denied? The businesses are the ones to make the final decision for approval to be awarded or not. The major bureaus provide the credit information and analytical tools to help the businesses you apply with making the decisions. They, themselves do not make these decisions.
How the 3 Major Credit Bureau Differ
While the three major credit bureaus operate the same way, they are separate entities. They do not share a consumer’s account information as they work independently from each other. Because they operate independently, the information on your credit report may be different with each credit bureau. It is crucial that you review all three credit reports to ensure the information on all three reports is accurate and comparable. Creditors and lenders often check one credit report to save the expense of pulling from all three. Since you do not have any say so in which company the business you are working with is going to pull from, it is essential they all be as similar as possible.
FICO
While you may have heard the term FICO credit score, it is essential to know that FICO is merely a major company in the credit industry. FICO is NOT a credit bureau. They do not collect credit report data on their own, but, they do compile your credit score based on data from the major credit reporting agencies.
Expert Credit Repair Boca Raton
About Great American Credit Repair Company
Great American Credit Repair Company…….because you deserve a fresh start! Call us today at 1-800-603-1943 for your FREE consultation. Our financial experts will work diligently on your behalf to raise your credit score and repair bad credit. We are attorney-approved and offer the industry’s only Money Back Triple Results Warranty to protect your investment.
How does Great American Credit Repair work to restore your credit? Approximately 79% of all credit reports contain errors and aren’t verifiable. At Great American Credit Repair Company, we have proficient understanding of the rules Credit Bureaus are bound to and how to resolve common but substantial threats to your credit score. We know most people don’t earn the credit score they deserve and will investigate every negative aspect of your credit report every single month to make sure you get the highest credit score possible.
REPAIR YOUR CREDIT TODAY by calling us Toll-Free: 1 (800) 603-1943 or visiting us at https://greatamericancreditrepair.com
Great American Credit Repair Company
2385 NW Executive Center Dr #100
Boca Raton, FL 33431
1-800-603-1943
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